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NAMIC: NFIP a Vital Protection for Homeowners
NAMIC offered comments on March 17 in response to a recent report critical of the National Flood Insurance Program and ongoing flood map modernization efforts. (Posted: 3/17/2010)
Joint Subcommittee Hearing Reviews Natural Catastrophe Legislation
Last week, NAMIC submitted testimony to the joint hearing held by the Subcommittees on Capital Markets, Insurance, and Government Sponsored Enterprises; and Housing and Community Opportunity. The hearing, titled "Approaches to Mitigating and Managing Natural Catastrophe Risk," was singularly focused on H.R. 2555, the Homeowners Defense Act. This legislation, introduced by Rep. Ron Klein, D-Fla., currently has 73 cosponsors from 30 different states, showing broad, bi-partisan support. However, NAMIC believes that there are better alternatives to addressing the nation’s natural catastrophe issues than this legislation. (Posted: 3/16/2010)
House Judiciary Committee to Hold Hearing on the Use of Aftermarket Parts
On January 14, 2010, President Barack Obama proposed the imposition of a “Financial Crisis Responsibility Fee” upon the largest and most highly leveraged Wall Street firms as a means of recovering the government assistance offered to those firms under the TARP and similar programs. While NAMIC agrees that ensuring American taxpayers are repaid the funds lent to flailing financial institutions should be a top priority of the administration, it is equally important that this fee should be equitably applied to only those companies who bear the responsibility for the financial crisis and directly benefitted from TARP and similar programs. (Posted: 3/16/2010)
NAMIC Remains Concerned by ONI Powers in Dodd Bill
NAMIC remains concerned about the latest version of financial services reform legislation unveiled by Sen. Chris Dodd, D-Conn., on Monday, specifically with regards to the powers granted to the proposed Office of National Insurance. (Posted: 3/15/2010)
Legislation that would create a federal backstop for catastrophic bonds issued by state guaranty funds could ultimately expose the taxpayers to further risk and damage reform efforts at the state level, NAMIC said Wednesday. (Posted: 3/10/2010)
NAMIC’s national insurer state advocacy partner, the Personal Insurance Federation of California, submitted written comments late last month to the California Department of Insurance expressing concerns with the proposed changes to homeowners’ insurance estimated replacement value regulations. (Posted: 3/9/2010)
The California Department of Insurance sent an invitation Feb. 12 for public comment on its Oct. 16 proposed regulation that would impose new civil penalties on insurers who unintentionally or accidentally fail to fully comply with any portion of a data request relating to their Community Service Statement. (Posted: 3/9/2010)
House Passes Legislation to Streamline Agent Licensing
Last week, the House of Representatives approved legislation that would allow insurance agents and brokers to become licensed in multiple states using a streamlined process. (Posted: 3/9/2010)
House Financial Services Committee Looks for Natural Catastrophe Solutions
Because the House has passed a financial services regulatory reform package, the schedule has cleared up for the Financial Services Committee to look at other legislative proposals that have been introduced over this Congress. (Posted: 3/9/2010)
SB 76, Concerning Unreasonable Insurance Claims Settlement Practices, sponsored by Sen. Morgan Carroll, a trial attorney, passed on second reading March 8 in the Senate. The bill passed, as amended, out of the Senate Health and Human Services Committee on Feb. 11 on a 4-3 vote. The bill is now eligible for a third reading in the Senate any time. (Posted: 3/9/2010)
NAMIC PAC Board of Trustees Host First Quarter Meeting (3/9/2010)
Healthcare Reform Reaches the Home Stretch (3/9/2010)
Massachusetts: NAMIC Urges Caution Regarding Coastal Property Bills (3/9/2010)
Alabama: NAMIC Comments on Proposed Tax Rule (3/9/2010)
CMS Issues New Guidance on Medicare Secondary Payer Reporting Requirements (3/9/2010)
Congressional Committees Examine Myriad of Issues While Waiting on Regulatory Reform (3/9/2010)
Financial Services Industry Still Anticipating Movement on Regulatory Reform (3/9/2010)
NAMIC Applauds House Passage of Agent Licensing Reform Legislation (3/4/2010)
Senate and Administration Shifting Away From Consumer Financial Protection Agency (3/2/2010)
Massachusetts: Legislative Panel to Hold Hearing on Coastal Property Insurance Bills (3/2/2010)
Senate Negotiators Develop Enhanced Resolution Authority Proposal (3/2/2010)
Alabama: Hurricane Deductible ‘Buy-Back’ Bill Carried Over (3/2/2010)
NFIP Lapses After Extender Bill is Blocked (3/2/2010)
Colorado: Sunset Review of DOI Passes House Finance Committee, On to House Appropriations Committee (3/2/2010)
NAMIC Says NFIP Lapse is ‘Disconcerting’ (3/1/2010)
NAMIC: Misguided Anti-Trust Repeal Won’t Help Consumers (2/24/2010)
NAMIC Applauds Removal of Medical Liability from Anti-Trust Repeal as ‘Good First Step’ (2/22/2010)
NAMIC Applauds CMS Medicare Secondary Reporting Delay (2/18/2010)
Obama Administration’s Budget Calls For Changes to Terrorism Risk Insurance Program (2/16/2010)
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